I might have Fly - getting old here. I was going on Bargain's...

I might have Fly - getting old here. I was going on Bargain's info:

"Therefore as I stated, PAX will be required to fund $28 million through equity which will be raised through the Singapore subsidiary."

Other projects I've seen have been funded by an equity:debt ratio of something like 40:60 or 30:70, so Bargain's apparent values of 22:88 for DP and 27:73 for Sokoria are not unreasonable if the lender is feeling optimistic.

If your view is that the projects will be funded 100 % by debt then IMHO that is not realistic. It would be great if PAX could pull it off though.

Please correct me if I've I got the wrong idea of PAX's financial plans as they're very important for prospective shareholders and I don't want to misrepresent anything.